Vestjysk Bank (VJBA) investor relations material

Executive summary

• Net profit after tax for the first nine months of 2025 reached DKK 555 million, down from DKK 703 million year-over-year, with a return on equity of 10.2% p.a.

• Loan growth of 7.2% and deposit growth of 5.4% were achieved, with over 4,000 new customers added, mainly driven by private mortgage lending.

• All financial targets were met except for the cost/income ratio, which was 52.1% versus a target of 50%.

• Announced a merger agreement with Sydbank and Arbejdernes Landsbank, with Sydbank as the continuing entity under the new name AL Sydbank A/S, pending shareholder and regulatory approval.

Financial highlights

• Net interest income for the period was DKK 844 million, down DKK 87 million year-over-year.

• Net fee income increased to DKK 445 million from DKK 423 million in the prior year.

• Profit before tax was DKK 938 million, compared to DKK 711 million in the same period last year.

• Operating expenses and depreciation increased to DKK 781 million, mainly due to higher staff costs.

• Cost/income ratio rose to 52.1% from 45.8%.

Outlook and guidance

• Full-year 2025 net profit after tax is expected to be DKK 700–800 million, at the upper end of the previously announced range.

• Financial targets for 2025 include a minimum 9.0% return on equity after tax, cost/income ratio below 50, and core capital ratio of at least 16.0%.

• Dividend payout ratio is targeted between 25% and 50% of annual net profit.